摩根大通美股招股说明书(2025-11-12版)

$2,094,000Review Notes Linked to the Least Performing of theNasdaq-100 Index®, theRussell 2000®Index and theEURO STOXX 50®Index due November 13, 2030 Fully andUnconditionallyGuaranteedby JPMorganChase & Co. ●The notes aredesigned for investors whoseek early exitprior to maturityat apremium if,on any Review Date, the closinglevel ofeach ofthe Nasdaq-100 Index®,the Russell2000®Indexand the EURO STOXX 50®Index, which we refer toas theIndices, is at or above its CallValue for that Review Date.●The earliestdateon which anautomatic call may be initiated is November11, 2026.●Investors should be willingto forgo interestanddividend payments and be willingto acceptthe risk oflosingsome orall oftheirprincipal amount at maturity.●The notes areunsecuredandunsubordinated obligationsofJPMorgan Chase FinancialCompany LLC, which we refertoasJPMorgan Financial,thepayment on which is fully and unconditionallyguaranteed by JPMorgan Chase &Co.Anypayment on the notes issubject to the credit riskof JPMorgan Financial, as issuer ofthe notes, and thecredit riskof JPMorgan Chase & Co., as guarantor of the notes.●Payments onthenotes are notlinkedto abasketcomposedof theIndices. Payments on the notes are linked to theperformance of eachof the Indices individually, as describedbelow.●Minimum denominationsof $1,000 and integralmultiplesthereof●The notes pricedon November 7, 2025 and are expectedtosettle on or aboutNovember 13, 2025.●CUSIP: 48136JXE9 Investing in the notes involves a number ofrisks. See“Risk Factors” beginningon page S-2of theaccompanyingprospectussupplement, Annex A to the accompanyingprospectus addendum, “Risk Factors” beginning onpage PS-11 ofthe accompanyingproductsupplement and “Selected Risk Considerations”beginning on page PS-5of thispricingsupplement. Neitherthe Securities and Exchange Commission (the “SEC”) nor anystate securitiescommission has approved or disapproved ofthe notes or passedupontheaccuracy ortheadequacyof thispricingsupplement ortheaccompanyingproductsupplement,underlyingsupplement,prospectus supplement,prospectusand prospectusaddendum. Any representation to the contrary isacriminal offense. (1) See “Supplemental Use ofProceeds”in this pricingsupplementforinformation about thecomponentsofthepriceto publicof thenotes.(2) J.P.Morgan SecuritiesLLC, which we refer toasJPMS, acting as agentfor JPMorgan Financial, will pay allof thesellingcommissions of $2.50per$1,000 principal amount note it receives from usto otheraffiliatedor unaffiliated dealers. See“Plan of Distribution (Conflicts ofInterest)”in theaccompanyingproduct supplement.The estimated value of the notes, when the terms of the notes were set,was $966.40 per $1,000 principal amount note. See “The Estimated Value of theNotes” in this pricing supplement for additional information. The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agencyand are not obligations of, orguaranteedby,a bank. Key Terms Issuer:JPMorganChase Financial Company LLC, adirect,wholly owned financesubsidiary ofJPMorganChase & Co. Automatic Call: If theclosing level ofeach Index on any Review Date isgreaterthan or equal totheapplicable Call Value, the noteswill be automaticallycalledfora cash payment, foreach$1,000 principal amountnote,equalto (a) $1,000plus(b)theCall Premium Amount applicable to that Review Date,payableon the applicable CallSettlementDate. No furtherpayments will be madeon thenotes. Guarantor:JPMorgan Chase& Co. Indices:TheNasdaq-100 Index®(Bloomberg ticker: NDX), theRussell2000®Index (Bloomberg ticker:RTY) and the EUROSTOXX 50®Index(Bloomberg ticker: SX5E) (each an “Index”andcollectively, the“Indices”) Call Premium Amount:TheCall Premium Amount withrespect to each Review Dateis set forth below: Paymentat Maturity: If thenotes have notbeen automatically called and the FinalValueof eachIndex is greaterthan orequal to its BarrierAmount, you will receivetheprincipalamountof yournotesat maturity. ●first Review Date:11.750% ×$1,000●second Review Date:17.625% ×$1,000●third Review Date:23.500% ×$1,000●fourth Review Date:29.375% ×$1,000●fifth Review Date:35.250% ×$1,000●sixth Review Date:41.125% ×$1,000●seventh Review Date:47.000% ×$1,000●eighth Review Date:52.875% ×$1,000●final Review Date:58.750% ×$1,000 If thenotes have notbeen automatically called and the FinalValueof any Index is less thanits Barrier Amount,yourpaymentat maturity per $1,000 principalamountnote willbecalculatedasfollows: $1,000 + ($1,000 ×Least Performing IndexReturn) If thenotes have notbeen automatically called and the FinalValueof any Index is lessthanits Barrier Amount,you willlosemore than 40.00% of yourprincipal amount atmaturityandcould lose allofyourprincipalamountat maturity. Call Value:With respect to each Index, the Call Value foreachReview Date is set forth below: Least Performing Index:TheIndex withtheLeastPerforming Index Return ●first Review Date:100.00% of its Initial Value●second Review